Pakistan achieves economic turnaround: Dar

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Dar urges Japanese companies to enhance investment in Pak auto industry

KARACHI, Sept 5 (APP): Federal Finance Minister, Senator
Ishaq Dar, here Monday said that the country had been put on the path of development and has achieved economic turnaround.

He was speaking as a chief guest at a an awareness seminar on Draft Companies Bill, 2016.

The Securities and Exchange Commission of Pakistan (SECP)
organized this national level seminar on the Draft Companies Bill, 2016.

The Finance Minister while addressing the participants of the
event, appreciated the work done by SECP and congratulated the Chairman SECP, Zafar Hijazi, in initiating and working towards conclusion of a long expected law which would be beneficial not only for the SECP and the stakeholders but would also have a positive impact on the economy of Pakistan.

He further stated that Pakistan has achieved economic turnaround, the GDP had achieved a 4.24 percent growth in 2015, the highest in the last seven years.

The Minister also emphasized the need for a continued review of the corporate laws and advised the top management at SECP to continue with reforms in accordance with the best international practices and not hesitate in bringing positive changes.

Senator Ishaq Dar terming it a historical occasion and sought
first hand views and consensus of the gathering for immediate promulgation of the Companies Bill, 2016 by way of an Ordinance.

He accentuated the need to detach politics from economy and pointed out that maximum reforms were introduced in the last three years by various regulators including Securities and Exchange Commission of Pakistan, State Bank of Pakistan and Federal Bureau of Revenue.

The Minister apprised the participants about the performance of the key indicators of the economy during the last three years extending to cover inflation, GDP, interest rate, SBP reserves and import.

He emphasized that Pakistan has enormous potential for growth and the key lies in dedication and will.

Dar pledged his all-out support to the SECP and other prudential regulators.

He also highlighted on the macro-economic stability achieved by coping with the challenges such as dwindling economy, energy crisis and combating extremism.

The Minister apprised the gathering that in order to attract
foreign investment, it is important for Pakistan’s presence in the international markets such as bond and sukuk markets.

He also urged upon the participants for magnanimity in working towards raising the sovereignty of the country and making Pakistan into self-reliant state.

Hafiz Muhammad Yousuf, President, Institute of Chartered
Accountant on behalf of the fraternity, consultants and other industry professionals appreciated the personal interest and support of the Finance Minister throughout the consultative dialogue process at different forums and assured of his continued support to the Commission in its efforts for improving the governance framework.

The seminar was attended by leading professionals related with the corporate sector, eminent lawyers, chartered accountants, cost and management accountants, office bearers of chambers of commerce and industries, businessmen and other professional and business institutes
and bodies.

Masood Naqvi, Chartered Accountant, former Partner, KPMG, former President, ICAP, Hafiz Muhammad Yousuf, President ICAP and Saeed Ahmed, Deputy Governor, State Bank of Pakistan speaking at the event, briefly highlighted the key features of the draft Companies Bill, 2016.

The seminar focused on bringing awareness about the important features of the Draft Bill and to share the vision of SECP.

The major focus of this Draft Companies Bill is the facilitation
to the corporate sector and other stakeholders as well as
strengthening of the regulatory frame work, maximum emphasis on the use of technology, abolish unnecessary requirements, protection of the interest of shareholders, a softer regime for the companies having no stake of the general public.